On June 28th, the Bystack Flint Project – Consensus Node was recruited by the Global Bank (Beijing Station), Babbitt, the founder of the original chain, the former chain CFO Li Zongchong, senior blockchain architect, BBFT consensus invention Wang Wei, introduced from the perspective of Bystack's development vision, Staking program, and technical architecture. In addition, the long-term eco-partners, including bitter, cobo wallet, fire coin wallet, bit continent, fire coin pool, OK, node capital, imagination fund, consensus lab, are invited to the original chain. The guests, talk about Staking ecological construction and investment opportunities.
If you have the following questions flashing in your mind, you may get an answer at the event:
1. What is the relationship between Bytom and Bystack? With Bytom, why do you still want to do Bystack? 2. As a representative project of POW, how can there be POS staking than the original chain? 3. How to participate in Bystack staking? What are the requirements and rewards for the consensus node? 4. What are the recent big and long-term plans than the original chain? 5. How do eco partners understand Staking? How to treat Bystack?
- Is CSW penalized 550,000 BTCs, is this important?
- From the Internet yesterday, look at the blockchain tomorrow
- Economic Daily: Blockchain expands the real economy application scenario
- Deconstructing Chinese Digital Currency in the Patent Library: How to Solve Policy Transmission and Liquidity Traps
- Report | 2018-2019 China Blockchain Business Environment Assessment Annual Report
- Four forces compete for blockchain + supply chain finance. What can a pure technology company rely on to obtain a market?
If it doesn't matter, it doesn't matter. The author sorts out the core points shared by the guests on the spot for everyone to review.
All assets are in a matrix, assets must be on the chain, and the rules must be wound up.
As we all know, the positioning of the original chain is the asset chain, creating diverse assets and programmable economy, and the development of the Bym public chain of the POW consensus mechanism. On May 15 this year, the original multi-side chain BUTXO model was launched by the original chain team, and the BaaS platform Bystack white paper was released. The core of all this still revolves around the keyword “asset”.
Babbitt, the founder of the original chain, proposed a core point of view, that is, "all assets are data, all data are matrix", how to understand this sentence? In fact, the asset we usually think is a single-dimensional vector, but in reality it is closer to a two-dimensional matrix. The essence of UTXO is vector, and the essence of BUTXO is matrix. What does this matrix contain? The horizontal axis is the asset object we are familiar with, and the vertical axis is the operating rule for the asset.
"Every asset is data, the data actually contains two meanings, one is the asset (object), the second is the operation of the asset (rules). On Bytom, there is only one object, that is, the asset. Next on Bystack, will There are two kinds of objects, both assets and rules, because the rules themselves are also an asset object. We not only have to chain the assets, but also let the rules be chained, separating the users of the rules from the developers."
Since you have Bytom, why do you still want to do Bystack?
If the above simply answers a deeper understanding of the "asset" than the original chain, then the key to the next response is the understanding of the "public chain."
The “blockchain impossible triangle” is a theory widely quoted and discussed in the blockchain industry, originally proposed by Changchun in 2014. Specifically, in the blockchain world, decentralization, security, and environmental protection constitute an impossible triangle.
Five years later, Chang Hao finally gave a feasible path to his own proposition. For a single public chain, it is impossible for the triangle to remain unsolved, so the BUTXO model of the main multi-side chain is created by the original chain team. The main chain is Bytom, and one of the side chains is Bystack.
"A single public chain is difficult to solve the dualism of decentralization and efficiency. Only one chain can be decentralized and one chain can be taken efficiently. The non-computed consensus public chain is not meaningful for Layer 2 expansion, and it is safe in layer1. The efficiency of layer2 may be the future direction."
So you can understand Bystack in this way: From the bottom, Bystack=Bytom operating system; from the background, Bystack=BaaS/developer platform; from the front, Bystack=DAPP store; from the business point of view, Bystack=Bytom commercial Version.
Creativity proposes POS+BBFT to make business come one step closer
The long-term guides the Bystack worldview, and the architects need to provide a methodology for this. More than the original chain senior blockchain architect Wang Hao creatively invented the BBFT consensus mechanism, with POS+BBFT letting Bystack go further from commercial.
Wang Wei said: "Many people mistakenly require POW in a commercial environment. In fact, as a consensus of the public chain, there is no safer way than POW. The promotion of TPS will increase the possibility of bifurcation. We believe that the mode of POS+BBFT It's more suitable for a commercial environment, and that's exactly what Bystack is doing. Currently, based on our test data, we verify 20,000 per second, with a confirmation time of 0.6 seconds and a split rate of 0.27%."
It is expected that in the World Blockchain Conference (Wuzhen) in October this year, the first team application based on Bystack will be released than the original chain team, and a killer application will be launched in the second half of the year. Revealed in advance, this application may be a business point, decentralized transaction, blockchain game, or one of DeFi.
Choosing who to walk with is more important than choosing a distant place
Adhering to the community spirit of the blockchain, the current first side chain is developed by the original chain team, but more developers than the original chain are welcome to join this ecology, build other side chains suitable for their business scenarios, or based on Bystack, develop a rich DAPP.
At the meeting, Changchun’s last PPT wrote the phrase “Choose who you are going with, which is more important than choosing a distant place.” This is also the voice that wants to be sent out than the original chain.
To this end, there are two major events in the current chain, and members of the community are welcome to join.
The first is the Bystack staking consensus node recruitment plan , which was launched on June 4th and introduced three core items than the original chain CFO Li Zongchong :
1. Number of nodes: Bystack will recruit 10 formal consensus nodes and 32 alternative consensus nodes; Distribution Bonus: We will give out 10 million BTM rewards to participants in a year, and 60.96% will be allocated to 10 formal consensus nodes, that is, each of more than 600,000 BTMs. The price is 70-800,000 RMB at the current price. The benefits of the consensus node are the same. 39.02% is allocated to 32 candidate nodes, which are allocated according to the number of votes, and the income is not average. 3. At the time node, the Bystack consensus node will open the early bird voting on July 5 and officially launch the main network on July 20.
The second is the 2019 developer contest in the original chain . It is currently in a hot recruitment stage and will open its first trial on August 3. More than the original chain technology operations director Zhong Lifei said:
For the participating teams, 2 million BTM will be used as the prize pool for the competition. It will not only provide excellent developers with incubation and investment support, but also provide multiple open source community communication support and blockbuster media exposure.
It is worth noting that in addition to the participating teams, we can participate in the technology. For each valid participating team, individual recommenders and institutional recommenders will receive BTM rewards ranging from $300 to $800.
Community Voice: How do you view Bystack? What application is the first to land?
At the global event, the eco-partners also expressed their understanding and opinions compared to the original chain Bystack.
Alina, the head of the global business of the Fire Coin Mine, shared the topic “Encouraging the Public Chain Ecological Insights Staking Mining”. She said that Staking has six major advantages:
1.Staking can get staking rewards without being diluted by inflation; 2.PoW has higher thresholds and equipment requirements; 3.Staking average scalability is higher; 4. Size of large investors and infrastructure providers A reduction in the economy may result in a reduction in the centralization of Staking over time; 5. Staking vs. PoW, a higher degree of security against 51% of attacks; 6. Staking consensus managers (eg verifiers) and incentives throughout the community consensus.
Alina also said that the Fire Coin Pool is willing to fully support the Bystack staking than the original chain, and may provide a lock-up voting platform for the future than the original chain.
On the Staking eco-construction round table, OK brand operation VP Amy as the host, asked: How to look at the design of the original main chain POW, side chain POS, what expectations for its future?
Cobo co-founder and CEO Mermaid:
"In fact, we have seen a lot of POW projects, encountered witch attacks, some turned into POS, and some good projects in the POW + POS community governance model. A very innovative way than the original chain, in The PW consensus mechanism is used on the main network to ensure security. The POS consensus mechanism is used in the side chain to better play the community consensus. This is an exploration of the governance method. We also expect to have a way of governance in the future than the original chain. Further iterations and good results."
BigONE COO Cheng Jun:
“Since 2011, there have been some discussions about POS solutions. During the 2012-2014 bull market, there have been many POS and POW+POS projects, but we will find that many projects are gradually disappearing. I think At this stage, POW+POS, especially the main chain POW, side chain POS, is an effective solution to ensure both safety and commercial landing. As for whether it is the development direction, it depends on whether the future demand of the market is Fit, individuals are more optimistic about the future than the original chain."
Bitt COO Wang Chao:
"The dispute between POW and POS is actually the oldest dispute in the history of the currency. In fact, I think it is now concluded that POW has strong security and POS can increase the transaction speed. The best way is now. Layer1 uses POW to ensure security, and then works on the upper layer to resolve performance. This is a good way. I think this will be one of the mainstream. You can see that many mainstream projects are using this way to extend its commercial layer. We can all reluctantly fall into this category, including Bitcoin's lightning network."
Li Chengcai, head of the operation of the coin wallet:
"I will first conclude that we believe that this reform is more successful than the original chain. POW and POS have their own advantages. In the main chain, POW is used to ensure security, while POS is used in the side chain. In the future, in DAPP application, In terms of the influence of the original chain in the community, it is worth looking forward to."
At the Staking Investment Opportunity Roundtable, I asked several guests as the host of the original chain CFO Li Zongcheng: On the side chain, what are the applications that everyone is optimistic about?
Bit Continental Ge Yue:
"I believe that there will be a real blockchain in the financial sector. Although I have seen many industrial projects such as medical + blockchain, I don't think it is particularly feasible. If you talk about sidechains, I think One category that is more interesting is the decentralized exchange, because the problem before the decentralized exchange is that it is not efficient enough, and can not support other assets on the public chain, the side chain should have the opportunity to solve this problem. of."
Node Capital Li Shuoyu:
“The difficulty of cross-chaining now is how to ensure that assets can be safely transferred from one chain to another. If the sidechain can provide a solution, it is very good. After the development of cross-chain, it is a high-performance application, and now it is basically a card. Here, because the fluctuation of the gas rate is actually not very friendly to the application. If there are many side chains, you can design the vertical sub-chains according to the business logic. Of course, the final landing, I think it needs In-depth exploration at the business level."
Imagination Fund Partner Yue Xiang:
"I think it's finance and games. If I choose, I think the game will be the first to land on the side chain, because financial requirements for security are higher."
Co-founder of Consensus Labs:
"The architecture of the main chain than the original chain, the main chain Bytom and the side chain Bystack, is naturally suitable for the interaction and value of financial attribute assets."